U.S. Stocks Hit Records on Strong Earnings

U.S. stocks climbed to fresh records Thursday, propelled by strong corporate earnings that surpassed analyst expectations, with Cisco Systems leading the charge after reporting robust quarterly profits.

The S&P 500 rose 0.8 percent to close at 7,501.24, marking an all-time high for the second straight day. The Dow Jones Industrial Average gained 370 points, or 0.7 percent, to finish at 50,063.46, surpassing the 50,000 level for the first time since the war with Iran began. The Nasdaq composite advanced 0.9 percent to 26,635.22, also setting a record. Cisco shares surged 13.4 percent in their best day in nearly 15 years after the company beat profit and revenue forecasts for the start of 2026. Chief Executive Chuck Robbins attributed the results to "very strong, broad-based demand for our products." The company also issued a current-quarter profit outlook that exceeded Wall Street projections, fueled by heavy investments in artificial intelligence technology from major tech firms.

The AI boom continued to drive market gains, as evidenced by Cerebras Systems, an AI processor maker, which raised $5.55 billion in its initial public offering and saw shares jump 68.1 percent on their...